Istanbul, Turkey–Turkey’s flag carrier Turkish Airlines increased operating profits almost 24 percent year-on-year in 2023, the company said in a statement Wednesday.
Last year’s improved operating result, at $3.96 billion, was well below net profits of just over $6.0 billion, which were swollen by a tax effect to more than double 2022’s level.
Turkish Airlines, which boasts that it flies to the most countries of any carrier, in December ordered 230 Airbus planes as it aims to double its fleet in the next decade.
A pet soft-power project of President Recep Tayyip Erdogan, the company is controlled by the country’s wealth fund, which owns 49.1 percent of shares.
Expansion at Turkish Airlines is aimed at competing with the global reach into Europe, Asia and the United States of Gulf hubs like Dubai and Doha.
The company’s network centres on Istanbul airport, which opened in 2019 with plans for further expansion.
Turkish Airlines booked revenues of $20.9 billion last year, up 13.6 percent on 2022’s figure.
Its payroll also swelled strongly, adding over 15,000 staff to reach 55,884 by the end of 2023.
Results were released after Turkey’s markets closed Wednesday, leaving investor reaction to the following session.
Executives will detail the financial results to investors in an earnings call on Thursday afternoon.